What concept refers to the quality of life influenced by the ownership of necessities and luxuries?

The concept that refers to the quality of life influenced by the ownership of necessities and luxuries is known as the standard of living. It encapsulates various factors that affect individuals' overall comfort and well-being, primarily focusing on the availability and accessibility of essential goods and services, as well as luxury items that enhance one’s life experience. The standard of living is often measured in economic terms, taking into consideration income levels, employment opportunities, and the cost of living in an area.

This concept is significant because it goes beyond mere economic indicators; it also involves elements like health, education, and environment that together contribute to the individual’s and society’s quality of life. In contrast, productivity refers to the efficiency of production, market power indicates the ability to influence prices or the market, and public goods and services are those that are provided to society at large and are typically funded by the government. Each of these does not directly capture the comprehensive notion of quality of life driven by ownership of goods and services.